Chic Paints Ltd: Internal Controls

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Terms of Reference This report has been produced as part of the AAT Level 4 Diploma in Accounting to cover the requirements of the Internal Controls and accounting systems unit. The report reviews the accounting systems and effectiveness of Chic Paints Ltd (CPL) internal controls. Specifically, the report looks into the way in which CPL keep and manage their financial records and whether the accounting systems that are in place need improvements. Internal systems of control will be analysed in detail, reviewing in particular how the internal systems support the current accounting system and if any new controls need to be introduced. Working methods including using company software and training will be assessed in terms of reliability and effectiveness; …show more content…

Part of the information has been obtained from the company’s diary of events in order to assist in writing this report. Likewise, the report recognises the technical standards consistent with potential issues of professional ethics to establish the suitability of the ethical principle and procedures in …show more content…

Nevertheless, if these opportunities are only theoretical, members can become disenfranchised. Training helps employees realise their goals by giving them the education they need to do their jobs better and to learn about new areas of business and even managerial skills they can use later on. CPL accounts department all have qualifications in AAT or with other professional bodies, some members of the department have expressed that they are keen on advancing their knowledge within accounting. It would be advantageous for CPL to take an interest in the employees who want to further their career in order to encourage a successful working department. 2.1.6. An evaluation of the accounting systems professional ethics Professional ethics is an important necessity when compiling information for financial statements. AAT states in the professional code of ethics that every member must follow the five main principles; Integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. 3.1 Identify weaknesses and make recommendations for

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